Quality Metal Products Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 08109449 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31st January 2014

for

QUALITY METAL PRODUCTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M Wright

P J Hargreaves

N G Higgitt

REGISTERED OFFICE:

Arbor House

Broadway North

Walsall

West Midlands

WS1 2AN

REGISTERED NUMBER:

08109449 (England and Wales)

ACCOUNTANTS:

Bakers

(The practising name of

Baker (Midlands) Limited)

Arbor House

Broadway North

Walsall

WS1 2AN

FIXED ASSETS

Intangible assets

2

(403,223

)

(615,905

)

Tangible assets

3

2,126,947

452,438

1,723,724

(163,467

)

CURRENT ASSETS

Stocks

336,987

404,432

Debtors

1,465,618

894,638

Cash at bank and in hand

44,215

194,529

1,846,820

1,493,599

CREDITORS

Amounts falling due within one year

4

1,503,936

744,031

NET CURRENT ASSETS

342,884

749,568

TOTAL ASSETS LESS CURRENT LIABILITIES

2,066,608

586,101

CREDITORS

Amounts falling due after more than one year

4

(1,657,471

)

(250,000

)

PROVISIONS FOR LIABILITIES

(35,200

)

(3,100

)

NET ASSETS

373,937

333,001

CAPITAL AND RESERVES

Called up share capital

5

3

3

Revaluation reserve

158,192

204,492

Profit and loss account

215,742

128,506

SHAREHOLDERS' FUNDS

373,937

333,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14th October 2014 and were signed on its behalf by:

M Wright - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Negative goodwill being the difference between the fair value of assets acquired and the consideration paid on

the purchase of a business in 2012 is capitalised and amortised over it's estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

Debts

The company's debts are subject to a confidential invoice discounting arrangement with the company retaining

the benefits and risks of the debts. As required by FRS5 separate presentation has been included with the

debts disclosed in current assets and the liability to the debt factor shown within current liabilities.

Government grants

Government grants receivable in respect of the purchase of Freehold Land and Buildings are treated as

deferred income and amortised over the economic life of the asset concerned.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st February 2013

and 31st January 2014

(697,250

)

AMORTISATION

At 1st February 2013

(81,345

)

Amortisation for year

(212,682

)

At 31st January 2014

(294,027

)

NET BOOK VALUE

At 31st January 2014

(403,223

)

At 31st January 2013

(615,905

)

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1st February 2013

509,000

Additions

1,803,042

At 31st January 2014

2,312,042

DEPRECIATION

At 1st February 2013

56,562

Charge for year

128,533

At 31st January 2014

185,095

NET BOOK VALUE

At 31st January 2014

2,126,947

At 31st January 2013

452,438

4.

CREDITORS

Creditors include an amount of £ 1,968,587 (2013 - £ 250,000 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

815,117

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

3

Ordinary

£1

3

3